COMMISSIONER OF WEALTH TAX Vs. A S ANANTH

JUDGEMENT

(1.) THE question referred to us at the instance of the Revenue is, 'Whether, on the facts and in the circumstances of the case, the Tribunal was right in law and had valid materials in holding that the market value of the shares held by the assessee in a company in which the public are substantially interested and the shares of which are also quoted in a recognised stock exchange can be fixed at a rate lower than the rates quoted in the stock exchange ?'

(2.) THE assessment year is 1989 -90.

(3.) THE assessee's appeal having proved unsuccessful, he carried the matter to the Tribunal. The Tribunal took the average of the book value and the value as per the quotation on the stock market and directed the valuation of the assessee's shares at Rs. 45 per share. For doing so, the Tribunal has not referred to any provision of the Wealth -tax Act enabling them to fix the value in that manner.